Earnings Roundup

Consumers responded to Lowe’s Cos.’ rebates for higher-priced items such as cabinets and countertops, a sign that homeowners are starting to consider bigger remodeling projects as the economy stabilizes.

Modestly higher sales and cost cutting helped Lowe’s fourth-quarter profit rise 27%, the first quarterly increase since 2007, the company reported.

“Our results in both flooring and cabinets and countertops are another sign that consumers are beginning to show willingness to tackle big-ticket discretionary projects,” Chief Operating Officer Larry Stone said.

Profit for the three months ended Jan. 29 rose to $205 million, or 14 cents a share, from $162 million, or 11 cents, a year earlier, better than the 12-cents-a-share average forecast of analysts polled by Thomson Reuters.

It was the first year-over-year increase in earnings since the second quarter of 2007.

Revenue edged up nearly 2% to $10.17 billion. Analysts had expected $10 billion.

Lowe’s shares fell 6 cents to $23.07.

The company forecast first-quarter earnings of 27 to 29 cents a share, short of analyst expectations of 33 cents a share.

It expects sales to rise 1% to 3% in the first quarter, implying sales of $11.94 billion to $12.18 billion, while analysts expect revenue of $11.97 billion.

NORDSTROM

Earnings more than double

Nordstrom Inc. reported that its fourth-quarter profit more than doubled from a year earlier as the upscale retailer, carrying lean inventories, didn’t have to resort to drastic price cutting to move its merchandise.

The company also issued an earnings forecast for its current fiscal year that’s brighter than what analysts were expecting. But it offered a cautious sales outlook.

The department store chain, based in Seattle, said it earned $172 million, or 77 cents a share, for the period that ended Jan. 30.

That was just short of the 79 cents that analysts, on average, had expected, and the shares fell after hours after rising 43 cents to $36.13 in regular trading. After the earnings report was released, the shares retreated $1.73, almost 5%, to $34.40.

A year earlier, Nordstrom earned $68 million, or 31 cents a share.

Sales rose to $2.54 billion from $2.3 billion. Analysts surveyed by Thomson Reuters had expected revenue of $2.53 billion.

For the second half of this year, Nordstrom forecasts sales at its stores that have been open at least a year to rise a modest 2% to 4%. The increase would be muted because the figure -- which fell 4.2% for all of 2009 -- had begun turning around by the year’s second half.

Nordstrom expects to earn $2.35 to $2.55 a share for the full year. Analysts expect $1.95 a share.

CAMPBELL SOUP

Net rises 11% on lower costs

Campbell Soup Co. said its fiscal second-quarter profit rose 11% as marketing costs declined.

Net income for the period ended Jan. 31 increased to $259 million, or 74 cents a share, from $233 million, or 64 cents, a year earlier, when retailers cut back inventories of soup, the company said. The results matched an average forecast of analysts in a Bloomberg survey.

Revenue at the Camden, N.J., company rose 1.5% to $2.15 billion. Analysts had projected $2.2 billion, on average.

This month Campbell cut its full-year sales-growth forecast to a maximum of 3.5% from as much as 5% earlier.

Campbell shares fell 43 cents, or 1.3%, to $33.50.

-- times wire reports